Monday, August 21, 2006


Here is an hourly chart of the September S&P e-mini futures. I last commented on this chart here.

So far the market has held 1299 support and the odds now favor a rally into the 1309-1312 resistance zone. Any reaction from this zone should be limited to 10-20 points and will be followed by a move that will take out the May high at 1331. I think the market will reach 1417 by the end of the year.

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